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DTN Early Word Livestock Comments      04/09 06:17
   Markets Ripe for Retracement

   New contract highs were made in most livestock futures Thursday. There is a
strong chance that will continue Friday, but it is Friday and sometimes profits
may be taken, putting some pressure on futures. Most of the attention will be
directed toward the World Agricultural Supply and Demand report and the results
of USDA estimates.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady   Futures: Mixed       Live Equiv:   $200.42 +$4.35*

   Hogs: Steady     Futures: Mixed     Lean Equiv:   $117.59 +0.31**

   * based on formula estimating live cattle equivalent of gross packer
revenue. (The Live Cattle Equiv. Index has been updated to depict recent
changes in live cattle weights and grading percentages.)

   ** based on formula estimating lean hog equivalent of gross packer revenue

   GENERAL COMMENTS:

   New contract highs were achieved again in live cattle futures Thursday.
Boxed beef prices soared, posting incredible gains. Only June and August
futures showed slight declines; the rest of the complex closed higher. Export
sales were somewhat dismal, 3% lower than last week and 14% lower than the
four-week average. But that had little impact on the overall bullishness of the
market. Cash business is finished for the week except for a few lingering sales
that may be done Friday. The steep uptrend over the past three weeks continues
to bring more buyers into the market as the trend is your friend. The surge of
April futures may be setting the stage for cash next week as feedlots set their
sights on higher prices. The large increase did leave a gap in the chart that
may be filled before the contract goes off the board at the end of the month.
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